1 Lakh Personal Loan

Are you in need of immediate funds? Do you require a loan of Rs. 1 Lakh to cover unexpected expenses or to fulfill a dream? In today's fast-paced world, traditional loan processes can be time-consuming and tedious. But with the rise of digital lending platforms, getting an instant personal loan has become easier than ever before.

In this article, we'll explore the benefits of an instant personal loan and how you can get one of Rs. 1 Lakh in no time.

₹1 Lakh Personal Loan Highlights

A ₹1 lakh personal loan can be a lifesaver for various needs. Here’s why it stands out:

  • Fast Approval & No Collateral: Unlike traditional loans, you don’t need to pledge assets for approval. This makes it quicker and easier to get the cash you need.
  • Flexible Repayment: Choose a repayment term (1-5 years, sometimes even longer) that fits your budget.
  • Multiple Uses: Unlike targeted loans, a personal loan offers freedom to use the funds for anything you need, from medical bills to travel.
  • Easy Eligibility: Qualify with a stable income, good credit score (ideally 700+), employment history, and being within the age range (typically 21-60 years).

Why Choose an Instant 1 Lakh Personal Loan?

An instant personal loan is a type of unsecured loan that can be availed quickly and easily. Unlike traditional loans, which require extensive paperwork and a lengthy approval process, an instant personal loan can be approved and disbursed within a matter of hours.

Quick and Easy Application Process

The application process for an instant personal loan is simple and can be completed online. All you need to do is fill out a form with your personal and financial details, upload the necessary documents, and submit the application. This eliminates the need for multiple visits to the bank and saves you time and effort.

No Collateral Required

An One lakh instant personal loan is an unsecured loan, which means you do not need to provide any collateral or security to avail it. This makes it a convenient option for those who do not have any assets to pledge as collateral.

Flexible Repayment Options

With an 1 lakh instant personal loan, you can choose a repayment tenure that suits your financial situation. Most lenders offer flexible repayment options ranging from 12 to 60 months. This allows you to repay the loan in smaller, more manageable installments.

No Restriction on Usage

Unlike other loans that have specific purposes, an instant personal loan can be used for any purpose. Whether you need to cover medical expenses, plan a wedding, or take a vacation, an instant personal loan gives you the freedom to use the funds as you wish.

Comparing 1 Lakh Personal Loan Offers

Taking a loan will always have additional payments and fees. It is prudent to be aware of these charges beforehand. Some of these charges can include processing fees, interest rates, preparation charges, and foreclosure charges. Here is a table of a few banks and their respective interest rates and charges. 

Bank Interest Rate Processing Fee Part Prepayment Charges Foreclosure Charges
Axis Bank 10.49% – 24% Up to Rs 4,999 N/A 2% – 4% of principal outstanding
HDFC Bank 10.50% – 21.50% Up to 2.50% of the loan amount is subject to a minimum of Rs. 1,999/- & Maximum of Rs. 25000/- for Salaried Customers. N/A 13-24 Months – 4% of Principal Outstanding,25-36 Months – 3% of Principal Outstanding,>36 Months – 2% of Principal Outstanding
ICICI Bank 10.50% – 18.49% Up to 2.25% per annum of loan amount plus GST N/A 5% per annum of principal outstanding plus GST
Kotak Mahindra Bank 10.99% – 20.99% Up to 2.5% of the loan amount + GST and other applicable statutory levies N/A N/A
IndusInd Bank 10.99% – 16.00% Up to 2.50% of the loan amount plus tax N/A N/A
Bajaj Finserv 11.00% – 35.00% Up to 3.99% of the loan amount + GST and other applicable statutory levies NIL NIL
State Bank of India 11.05% – 15.05% Rs.1000/- +GST (Non-refundable) for loans up to Rs.10 lakh and Rs.2000/- +GST (Non-refundable) for loans above Rs.10 lakh and up to Rs.20 lakh. NIL (for loans up to Rs.25 lakh) or as per the scheme terms and conditions (for loans above Rs.25 lakh) NIL (for loans up to Rs.25 lakh) or as per the scheme terms and conditions (for loans above Rs.25 lakh)

How to Get an Instant Personal Loan of Rs. 1 Lakh?

Now that you know the benefits of an instant personal loan, let’s look at the steps you need to follow to get one of Rs. 1 Lakh.

Check Your Eligibility

Before applying for an instant personal loan, it’s essential to check your eligibility. Most lenders have certain criteria that you need to meet to be eligible for a loan. This includes your age, income, credit score, and employment status. You can use an online eligibility calculator to determine your eligibility for a loan of Rs. 1 Lakh.

To be eligible for a personal loan of INR 1 lakh, applicants typically need to meet the following criteria:

  • Age: 21-60 years old (range may vary by lender)
  • Residency: Indian resident
  • Employment: Salaried or self-employed with steady income
  • Income: Minimum monthly threshold (varies by lender, often around ₹20,000)
  • Credit Score: Good credit history preferred (usually above a certain threshold)
  • Work Experience: Minimum work experience may be required (often 1 year, with 6 months at current job for salaried applicants)

Gather the Required Documents

To apply for an instant personal loan, you will need to provide certain documents. These typically include proof of identity, address, income, and employment. Make sure to have these documents ready before starting the application process to avoid any delays.Typically the following documents are necessary:

  • Proof of Identity: This could include your PAN card, Aadhaar card, Driving License, or Passport.
  • Proof of Address: You may provide utility bills, Aadhaar card, or a Lease/Rent Agreement as proof of your residential address.
  • Proof of Income: It’s essential to showcase your financial stability through documents such as salary slips for the past three months or bank statements displaying your income details.
  • Proof of Employment: Documentation validating your employment status, like an employment letter or any other relevant document demonstrating your current job status, is vital.

Compare 1 Lakh Personal Loan Interest Rates

With the rise of digital lending platforms, there are numerous lenders offering instant personal loans. It’s essential to compare the interest rates, processing fees, and other charges of different lenders to find the best deal.

Here is a table of banks and their respective interest rate offers on a personal loan of 1 lakh.

Bank Interest Rate
State Bank of India 11.05% – 15.05%
Punjab National Bank 10.40% – 16.95%
Axis Bank 10.49% – 24%
HDFC Bank 10.50% – 21.50%
ICICI Bank 10.50% – 18.49%
Kotak Mahindra Bank 10.99% – 20.99%
Bajaj Finserv 11.00% – 35.00%
Union Bank of India 11.40% – 15.50%
Bank of India 10.25% – 14.75%
Central Bank of India 10.95% – 12.55%

Apply Online

1. Online Application: Head over to Urban Money’s official website to initiate your application directly.

2. Speak to a Loan Specialist (Optional): If you prefer personalized guidance, call our dedicated loan specialist team at 1800 208 3344. They’ll walk you through the process and ensure a smooth experience.

3. Get Expert Support: Our team is committed to finding a quick solution for your financial needs. They’ll answer your questions and support you throughout the application process.

Get Instant Funds

If your loan application is approved, the funds will be disbursed to your bank account within a few hours. This allows you to get the funds you need quickly and without any hassle.

1 Lakh Personal Loan Payment Tenures

One Lakh Loan tenures typically range from 1 to 5 years, with some lenders extending to 6 or 7 years. The longer the tenure, the lower your monthly EMI (Equated Monthly Installment) but the higher the total interest paid. Choose a tenure that fits your budget and repayment plan.

Keep in mind:

  • Shorter tenure = Higher EMI, Lower total interest
  • Longer tenure = Lower EMI, Higher total interest

Here’s a brief overview of the EMI amounts for different tenures at an interest rate of 11% p.a.

Loan Amount (INR) Tenure (Years) Interest Rate (p.a.) EMI (INR)
1,00,000 1 11% 8,838
1,00,000 2 11% 4,661
1,00,000 3 11% 3,274
1,00,000 4 11% 2,585
1,00,000 5 11% 2,174

Remember, the actual EMI can vary based on the specific interest, Use online EMI calculator to estimate your payment based on your loan amount and tenure.

Tips for Getting an Instant Personal Loan of Rs. 1 Lakh

Here are some tips to keep in mind when applying for an instant personal loan of Rs. 1 Lakh:

Maintain a Good Credit Score

Your credit score plays a crucial role in determining your eligibility for a loan and the interest rate you will be offered. It’s essential to maintain a good credit score by paying your bills and EMIs on time and keeping your credit utilization low.

Choose a Shorter Repayment Tenure

While a longer repayment tenure may seem attractive as it results in smaller monthly installments, it also means paying more interest over time. It’s advisable to choose a shorter repayment tenure if you can afford it to save on interest.

Avoid Multiple Loan Applications

Applying for multiple loans at the same time can negatively impact your credit score and reduce your chances of getting approved for a loan. It’s best to research and compare lenders before applying for a loan to avoid multiple applications.

Frequently Asked Questions (FAQs)

What is a 1 lakh personal loan?

A 1 lakh personal loan is monetary assistance provided by a bank or a financial institution wherein a borrower has to repay an interest rate along with the principal amount back to the bank within a specified period. They can make use of their personal loan amount as per their financial needs and requirements. 

Do I need collateral to secure a 1 lakh personal loan?

Personal loans are generally unsecured loans that do not require any collateral. However, depending on the lender’s policies, one might also have to pledge collateral against their loan amount.

How quickly can I get the 1 Lakh loan amount after approval?

The earliest you can secure a personal loan of 1 lakh is 24 to 36 hours. There are a few lenders that offer instant personal loans with minimal documentation.

How does the interest rate work for a 1 Lakh personal loan?

When a borrower takes a personal loan of 1 lakh, the bank charges them interest that they have to pay on a monthly basis. This rate of interest varies from bank to bank.

Can I prepay or foreclose the 1 lakh personal loan?

Yes, you can prepay or foreclose a 1 lakh personal loan. However, depending on the lenders, you may have to either pay foreclosure or prepayment penalties or not at all. 

How much credit score do I need for a 1 lakh loan?

Ideally, a credit score of 650 and above is considered for a good personal loan. However, many lenders offer loans to candidates with lower credit scores as well, but the borrowers have to compromise on various aspects, such as higher interest rates.

Can I get a loan of INR 1 lakh?

Yes, one can get a personal loan of INR 1 lakh. Customers have a myriad of options in terms of financial assistance providers. Take some time to research the interest rate offers and other policies before applying.

How can I get a 1 lakh loan immediately?

There are a few lenders that approve, sanction, and disburse loans within 24 to 36 hours. These lenders include Bajaj Finserv, LoanTap, and MoneyView. The documentation will be minimal and can be completed within a few minutes as well. Instant personal loans are a great way to meet quick financial requirements.

Can I get a personal loan if my salary is 1 lakh?

Yes, you can certainly get a personal loan if your salary is INR 1 lakh. The minimum requirement for salary that most lenders consider is INR 15,000 to INR 25,000. Anything above that can be eligible for a lucrative loan amount.

Will I get a 1 lakh personal loan if I don't have a bank account?

You can procure a 1 lakh personal loan even if you don’t have a bank account. However, it will be rather difficult. You can apply for an auto title loan or a pawnshop loan, where you can place collateral on your vehicle or your valuables.

Will my EMI be auto-debited from my bank account?

Personal loan EMIs will be auto-debited if the mandate is set for the same. One can inform the bank to make the arrangements or use third-party apps to enable the auto-debit option.

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